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Friday 6 November 2026 Export PSA’s income statement to Excel — free account

Public Storage

PSA Real Estate Reit Industrial

Public Storage’s revenue for fiscal 2025 (year ended December 2025) was $4.8 billion, up 2.74% from fiscal 2024.

Revenue
+11.6%
EPS
−21.9%
Free cash flow
−19.3%
Total debt
+21.4%

Quarter to September 2026, against a year earlier

336.63 3.87 −1.14%
Market cap
$63.6B
P/E
34.1×
Fwd P/E
34.1×
Dividend yield
3.54%
F-score
4/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Public Storage (PSA) valuation and DCF model

What the price implies · reverse DCF

At $336.63 the price implies FFO a share growing 5.8% a year for ten years.

FFO a share grew 6.5% a year over the last ten years, 10.5% over the last five. The price asks for close to its ten-year rate. The industry’s median company is priced for 4.7%.

In December 2017 the price assumed 7.1% a year; Public Storage went on to grow FFO a share 6.6% a year to FY2025.

FFO a share is worked out from Public Storage’s 10-Ks and 10-Qs: net income, plus the depreciation of its property and impairments, less gains on property sales.

Price implies
5.8%
Last 5 years, reported
10.5%
Last 10 years, reported
6.5%
Industry median implies
4.7%

The headline discounts the last twelve months’ FFO a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
5.8% a year for ten years
$336.63
today’s price
Its base case
6.5% a year for five years, then 3.9%
$324.60
3.6% below today’s price

Both are growth in FFO a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Public Storage’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · FFO a share
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in FFO a share. It usually slows as the company matures.

Today’s price implies FFO a share growing 5.8% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Public Storage’s own cost of capital: risk-free 4.3% + beta 0.90 × equity premium 4.5% = 8.4% cost of equity; weighted, 8.4%.

Use 8.4%
Base case value per share $324.60 ten years discounted, and what follows
Current price $336.63 market price per share
Below today’s price 3.6% downside at the base case’s assumptions

How we got there$141.46 10 years of FFO+$183.14 terminal value=$324.60 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Reit Industrial).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 34.08× 26.11× 28.85× 18% above 29.08× 17% above
P/FCF 25.51× 21.65× 23.42× 9% above 27.37× 7% below
P/B 5.94× 8.49× 8.49× 30% below 1.88× 216% above
EV/EBITDA 22.27× 18.95× 20.55× 8% above 19.77× 13% above
EV/Sales 14.77× 13.32× 14.34× 3% above 11.83× 25% above
P/FFO 20.29× 18.01× 20.36× 0% below — —
P/E P/FCF P/B EV/EBITDA EV/Sales P/FFO
18.49×23.07×27.66×32.24×10Y avg 23.42×2017201820192020202120222023202420252026

PSA trades at 25.51× P/FCF, against a 10-year average of 23.42× (range 17.60×–32.89×). That is dearer than 89% of the last 9 year-end readings; re-rating to the average implies $309.08 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.